Swiss watchdog investigates Espirito Santo private bank
Switzerland’s financial regulator said on Wednesday it is investigating Banque Privee Espirito Santo SA (BPES), a Swiss private bank which is part of the Espirito Santo family’s troubled business empire.
The Lausanne-based bank is owned by Espirito Santo Financial Group (ESFG), which has been under creditor protection since late July after it buckled under massive debts linked to its founding family.
The Swiss regulator FINMA said its investigation would focus on the role of the Swiss bank, which is undergoing voluntary liquidation, in distributing securities and financial products for the wider group.
“The influence of the owners of the bank on procedures in Switzerland will also be examined,” FINMA said in a statement posted on its website.
Last month, BPES said it would sell large parts of its private banking business to rival Swiss bank CBH Compagnie Bancaire Helvetique SA, after being ordered by FINMA to seek a buyer for some of its assets.
Source: Reuters
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